Cryptocurrency payment network
The present technology provides a payment service for providing financial transactions between a customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency. Furthermore, the present technology supports payment using cryptocurrency, while improving such transactions in a way that takes advantage of benefits of such transactions while overcoming drawbacks such as delays in processing.
1. A method of settling a point of sale transaction between a customer and a merchant, wherein the customer provides cryptocurrency and the merchant receives fiat currency, the method comprising:
determining, by a payment service in communication with a point of sale system of a merchant, that the merchant has selected to receive payment in the fiat currency in order to settle the point of sale transaction;
determining, at the point of sale system, a monetary value owed in the fiat currency, wherein the monetary value is associated with an item being purchased as part of the point of sale transaction between the customer and the merchant;
receiving, by the point of sale system, an input identifying the cryptocurrency to provide to settle the point of sale transaction;
determining, by the payment service, an exchange rate between the cryptocurrency and the fiat currency;
determining by the payment service, the monetary value of the item being purchased by the customer in the cryptocurrency, wherein the monetary value in the cryptocurrency is based on the exchange rate between the cryptocurrency and the fiat currency, and the monetary value of the item in the fiat currency;
receiving, by the payment service from the point of sale system associated with the merchant, a request to receive payment for the item being purchased, the request to receive payment including an indication that cryptocurrency is the currency indicated by the customer to pay for the item and the request to receive payment includes a customer identifier, a merchant identifier;
determining, by the payment service and using the customer identifier, an account of the customer that stores funds in cryptocurrency;
executing, by the payment service, a first transaction between the customer identified by the customer identifier and the payment service, wherein the first transaction facilitates transfer of the monetary value in the cryptocurrency from the account of the customer to a first account of the payment service;
recording, at the payment service, the first transaction between the payment service and the customer;
executing, by the payment service, a second transaction between the payment service and the merchant identified by the merchant identifier, wherein the second transaction transfers monetary value in the fiat currency from a second account of the payment service to a merchant account identified by the merchant identifier; and
recording, at the payment service, the second transaction between the payment service and the merchant; and
creating at the payment service a record of the point of sale transaction between the customer and the merchant.
2. The method of claim 1 , wherein the input identifying the cryptocurrency is received in an electronic communication from a customer device running a mobile wallet application.
3. The method of claim 1 , wherein input identifying the cryptocurrency is received by receiving a selection of cryptocurrency in a user interface of the point of sale system.
4. The method of claim 1 , wherein the customer identifier is an alias.
5. A system for settling a point of sale transaction between a customer and a merchant, wherein the customer provides cryptocurrency and the merchant receives fiat currency, the system comprising a payment service server and a point of sale system and being configured to:
determine, by the payment service in communication with the point of sale system of a merchant, that the merchant has selected to receive payment in the fiat currency in order to settle the point of sale transaction;
determine, at the point of sale system, a monetary value owed in the fiat currency, wherein the monetary value is associated with an item being purchased as part of the point of sale transaction between the customer and the merchant;
receive, by the point of sale system, an input identifying the cryptocurrency to provide to settle the point of sale transaction;
determine, by the payment service, an exchange rate between the cryptocurrency and the fiat currency;
determine, by the payment service, the monetary value of the item being purchased by the customer in the cryptocurrency, wherein the monetary value in the cryptocurrency is based on the exchange rate between the cryptocurrency and the fiat currency, and the monetary value of the item in the fiat currency;
receive, by the payment service from the point of sale system associated with the merchant, a request to receive payment for the item being purchased, the request to receive payment including an indication that cryptocurrency is the currency indicated by the customer to pay for the item and the request to receive payment includes a customer identifier, a merchant identifier;
determine, by the payment service and using the customer identifier, an account of the customer that stores funds in cryptocurrency;
execute, by the payment service, a first transaction between the customer identified by the customer identifier and the payment service, wherein the first transaction facilitates transfer of the monetary value in the cryptocurrency from the account of the customer to a first account of the payment service;
record, at the payment service, the first transaction between the payment service and the customer;
execute, by the payment service, a second transaction between the payment service and the merchant identified by the merchant identifier, wherein the second transaction transfers monetary value in the fiat currency from a second account of the payment service to a merchant account identified by the merchant identifier; and
record, at the payment service, the second transaction between the payment service and the merchant; and
create at the payment service a record of the point of sale transaction between the customer and the merchant.
6. The system of claim 5 , wherein the input identifying the cryptocurrency is received in an electronic communication from a customer device running a mobile wallet application.
7. The system of claim 5 , wherein input identifying the cryptocurrency is received by receiving a selection of cryptocurrency in a user interface of the point of sale system.
8. The system of claim 5 , wherein the customer identifier is an alias.
9. One or more computer-readable non-transitory storage media for settling a point of sale transaction between a customer and a merchant, wherein the customer provides cryptocurrency and the merchant receives fiat currency, the media embodying software that is operable when executed to:
determine, by a payment service in communication with a point of sale system of a merchant, that the merchant has selected to receive payment in the fiat currency in order to settle the point of sale transaction;
determine, at the point of sale system, a monetary value owed in the fiat currency, wherein the monetary value is associated with an item being purchased as part of the point of sale transaction between the customer and the merchant;
receive, by the point of sale system, an input identifying the cryptocurrency to provide to settle the point of sale transaction;
determine, by the payment service, an exchange rate between the cryptocurrency and the fiat currency;
determine, by the payment service, the monetary value of the item being purchased by the customer in the cryptocurrency, wherein the monetary value in the cryptocurrency is based on the exchange rate between the cryptocurrency and the fiat currency, and the monetary value of the item in the fiat currency;
receive, by the payment service from the point of sale system associated with the merchant, a request to receive payment for the item being purchased, the request to receive payment including an indication that cryptocurrency is the currency indicated by the customer to pay for the item and the request to receive payment includes a customer identifier, a merchant identifier;
determine, by the payment service and using the customer identifier, an account of the customer that stores funds in cryptocurrency;
execute, by the payment service, a first transaction between the customer identified by the customer identifier and the payment service, wherein the first transaction facilitates transfer of the monetary value in the cryptocurrency from the account of the customer to a first account of the payment service;
record, at the payment service, the first transaction between the payment service and the customer;
execute, by the payment service, a second transaction between the payment service and the merchant identified by the merchant identifier, wherein the second transaction transfers monetary value in the fiat currency from a second account of the payment service to a merchant account identified by the merchant identifier; and
record, at the payment service, the second transaction between the payment service and the merchant; and
create at the payment service a record of the point of sale transaction between the customer and the merchant.
10. The media of claim 9 , wherein the input identifying the cryptocurrency is received in an electronic communication from a customer device running a mobile wallet application.
11. The media of claim 9 , wherein input identifying the cryptocurrency is received by receiving a selection of cryptocurrency in a user interface of the point of sale system.
12. The media of claim 9 , wherein the customer identifier is an alias.